Toncoin (TON) Whales Spark New Optimism as Market Cap Hits $2.32 Trillion

Toncoin (TON) has joined the broader crypto ecosystem in its recovery mode, led by Bitcoin (BTC). As of writing time, the combined crypto market cap has registered a value of $2.32 trillion after jumping 3.56% in 24 hours.

Cryptocurrency market overview: Toncoin gains steam with whale activity, while BTC leads broader recovery

The cryptocurrency market is displaying signs of recovery, with Bitcoin (BTC) spearheading the uptrend and Toncoin (TON) emerging as a standout performer. At the time of writing, the total crypto market cap has surged by 3.56% in 24 hours to reach $2.32 trillion, according to CoinMarketCap data.

Bitcoin price action

BTC price is currently trading at $44,035, reflecting a rise of 1.8% in 24 hours and 5.21% over the past week. The world’s leading cryptocurrency is positioned to offer further direction for the broader market.

Over the past 24 hours, the BTC price has shifted within a range of $43,000 and $44,300. As the price attempts to break above the immediate resistance at $44,200, a strong push could lead to a breakout toward the next resistance at $46,000.

On the other hand, if BTC fails to hold the support at $43,000, the price may experience a drop toward the lower support at $41,000.

BTC price technical outlook

The Relative Strength Index (RSI) for BTC on the 24-hour chart is at 55, indicating a neutral trend momentum. However, the Bollinger Bands are widening, suggesting potential for increased volatility.

A 24-hour analysis of BTC price action on the H1 chart reveals a bullish engulfing candle at $43,800. This candle is preceded by a lower wick, indicating buying pressure at lower levels.

If BTC price sustains above $44,200, it could encounter resistance at $44,800 and $46,000, respectively. Conversely, support levels lie at $43,000, $42,200 and $41,000.

Toncoin price analysis

Among the top performers, TON price is down by 2.29% in 24 hours and more than 3% over the past week, currently trading at $5.025.

However, the token is still up by more than 200% in the past month and over 370% since the year began. Despite the recent pullback, TON is positioned to continue benefitting from the broader market recovery.

After the subpar airdrop campaign of its biggest project like Hamster Kombat, users are waiting for the next big thing on The Open Network. With this sustained TON whale activity, the native coin may secure the boost to maintain its valuation.

The total large transactions for TON have surged by 95.64% in 24 hours. With this uptick, the total volume registered comes in at $8.14 billion.

The influence of TON whales becomes obvious when the volume is compared to the regular transaction volume of $165.09 million, per CoinMarketCap’s data.